Main purpose of the OTB is to boost trading performance between Singapore and other Asian countries, including China and the members of Association of Southeast Asian Nations (ASEAN)

While some countries are putting restrictions on cryptocurrencies, others actively support them. Singapore is one of the friendliest countries for crypto. Recent report says that CrimsonLogic, country’s e-government service provider, has announced the launch of global crypto trading system.

The platform is titled Open Trade Blockchain (OTB). Main purpose of the OTB is to boost trading performance between Singapore and other Asian countries, including China and the members of Association of Southeast Asian Nations (ASEAN). Many operators have already signed up for participation; the list includes Singapore’s Commodities Intelligence Centre and other countries’ companies such as China-ASEAN Information Harbor Co. and TIFFA Group.

Eugene Wong, the head of GeTS, which is a subsidiary of CrimsonLogic responsible for the platform operation, is convinced that blockchain will bring more confidence and trust between traders in the region. With blockchain, Wong adds, trade volume between ASEAN and China would become the largest more quickly.

Looks like Singapore approaches closer and closer to blockchain revolution in the country. To remind, CrimsonLogic is a government-backed company and port operator.

Earlier this year, ASEAN nations heard approval of vast support for distributed ledger technologies by Singapore: on the April ASEAN meeting finance minister of Singapore Heng See Keat stated that blockchain technologies will facilitate development of underserved and underbanked segments in ASEAN.